Harborside Apartments Inc

Analysis

Harborside Apartments Inc is a registered charity in United States, based in Paterson, NJ. It received its IRS tax-exemption ruling in September 1995, 31 years ago. Its declared purposes cover human services, which this site groups under poverty relief. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Harborside Apartments Inc reported income of $75k and spending of $93k, spending 124% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $71k to $75k (+5.5%), an average of +1.4% a year. The sharpest change came in the year to December 2022, when income rose by 40%. Over the whole period it spent 156% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Harborside Apartments Inc sits at the 26th percentile: it is larger than about 26% of them. Against every charity in United States with reported income it ranks in the 29th percentile, and in the 37th percentile within NJ. Charities of a similar size with the same main cause include Camp Liberty Inc ($75k), Asylum Hill Neighborhood Association Inc ($75k) and Hudson Rotary Charitable Fund Inc ($75k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 98% of the total. Other salaries and wages came to $15k. At year end it held assets of $516k against liabilities of $60k, net assets of $456k.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.